Q1 2025 Dof Group ASA Earnings Call Transcript
Key Points
- DOF Group ASA (FRA:UV3) reported a strong start to the year with an EBITDA of $158 million, slightly above their forecast.
- The company has a significant backlog of $3.1 billion, with expectations to increase it to $5 billion in the coming months.
- DOF Group ASA is experiencing growth in global operations, employing over 5,600 people and expanding its service offerings in oil, gas, and renewables.
- The company successfully refinanced a large portion of its debt, consolidating it into a $1.25 billion facility, which simplifies the group structure and enables dividend payments.
- DOF Group ASA is optimistic about securing long-term contracts in Brazil, potentially adding 14 vessels to their fleet with contract values between $1.9 and $2 billion.
- The company's overall utilization rate decreased to 83% from 87% last year, primarily due to low utilization in the Denmark fleet.
- There is ongoing uncertainty regarding the collection of payments from a terminated contract in Mexico, which is being pursued through legal channels.
- The spot market remains relatively slow, impacting the utilization of some vessels.
- The company faces exposure to currency fluctuations, particularly if the Norwegian Krone strengthens against the US dollar.
- There are concerns about the potential impact of market consolidation in the anchor handling segment, which remains competitive despite fewer players.
Hello and welcome to this Q1 2025 presentation for dot.
We will run through a presentation with highlights and performance of the quarter before we round off with a Q&A session. You may submit your questions in writing through the Q&A function in the webcast, and that function is open already now.
With that, I leave the word to Monsosa, CEO, to take us through the first part of the presentation.
Thank you, Eric, and, good morning, good afternoon to all of you and.
First slide is do for the glances.
So today we have operating 77 vessels backlog.
At the quarter was 3.1 billion. We're going to talk quite a lot about the backlog later on and.
I guess the short version is that the Hope that within the next few months that will be closer to 5 billion and to the 3 billion we see today.
Operating globally continue to grow.
So now we have more than 5,600 people employed and And you see the avenues here, so.
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